Curriculum Vitae
Hylton Hollander
Personal Details Office Schumann 519, Department of Economics, Stellenbosch University Telephone +27 (0)21 808 2478 E-mail [email protected] Web ekon.sun.ac.za/hhollander Twitter @econ5piracy
Current employment Lecturer in International Macroeconomics at Stellenbosch University
Education 2012−2014 Doctor of Philosophy (PhD) in Economics Specialization Macroeconomics, Monetary Theory and Policy, Dynamic Economic Theory Dissertation Financial Frictions and the Business Cycle (Supervisor: Prof Guangling Liu) Overview: The Global Financial Crisis of 2008 brought the interaction between financial markets and the real economy to the fore of dynamic macroeconomic research. My thesis studies the role of financial frictions in business cycle fluctuations, and shows how macroprudential policies mitigate financial instability and its associated influence on the real economy. Institution Stellenbosch University, South Africa 2011 Master of Commerce (MComm) cum laude (Economics) Thesis: The macroeconomic effects of oil prices shocks: the case of South Africa; Super- visor: Prof Guangling Liu. Principle subjects: Macroeconomics, Dynamic Economic Theory, Advanced Economet- rics, Advanced Microeconomic Analysis, Public Economics, International Trade and The- ory, Microeconomics (Behavioural), Environmental Economics Institution: Stellenbosch University, South Africa 2010 Bachelor of Commerce with Honours (BCommHons) cum laude (Financial Economics) Thesis: Financial intermediation and financial development in developing countries: ev- idence from SACU ; Supervisor: Prof Philip Black Principle subjects: Macroeconomics, Microeconomics, Mathematical Economics, Econo- metrics, Monetary Economics, Financial Economics, Financial Market Analysis, Interna- tional Finance Institution: Stellenbosch University, South Africa 2007−2009 Bachelor of Commerce (BComm) Principle subjects: Economics, Financial Accounting, Investment Management, Business Management, Financial Management, Mercantile Law Institution: Stellenbosch University, South Africa Other professional training activities 2018/10 Accredited course on“Blended Teaching and Learning”at Stellenbosch University. Centre for Learning Technologies, Stellenbosch University, South Africa. 2016/08 Advanced course on “Solving and estimating DSGE models with heterogeneous agents, non-linearities and financial frictions” at the CIMS Summer School 2016. Center for International Macroeconomic Studies, University of Surrey, UK. 2016/01−2016/11 Professional Educational Development of Academics (PREDAC) Programme 2016, Phases 1−5 2016/02−2016/07 Blended Teaching and Learning sessions: SUNLearn Training for EMS lecturers (17/02); Challenges of Flipped Classrooms (18/02); Multiple Choice Question assessment (15/04); Gamification (19/05); Demystifying Pod- casts (29/07); Teaching@EMS 2015/09 Diploma in “Liquidity, Business Cycles and Public Policy” taught by Prof Nobuhiro Kiy- otaki (Princeton University). The Center for Monetary and Financial Studies (CEMFI), Madrid, Spain 2015/09 Diploma in “Financial Crises” taught by Prof Michael Gordy (Federal Reserve Board). The Center for Monetary and Financial Studies (CEMFI), Madrid, Spain 2013/06 Training on “Simulation and Estimation of DSGE models with Dynare” at the Dynare Summer School 2013. Organized with the support of Banque de France, DSGE-net and CEPREMAP, Paris, France
Work Experience 2016/01− Lecturer at the Department of Economics, Stellenbosch University, South Africa 2018/02−2018/06 Lecturer at the Department of Economics, University of the Western Cape, South Africa (part-time) 2018/04−2018/06 Lecturer at the School of Economics, University of Cape Town, South Africa (part-time) 2015/06−2015/12 Postdoctoral Research Fellow at the African Institute of Financial Markets and Risk Management (AIFMRM), Faculty of Commerce, University of Cape Town, South Africa 2015/01−2015/06 Lecturer at the Department of Economics, Stellenbosch University, South Africa (part- time) 2011/02−2014/12 Research and Lecturer Assistant at the Department of Economics, Stellenbosch Univer- sity, South Africa (part-time) 2010/02−2010/11 Economics Tutor at the Department of Economics, Stellenbosch University, South Africa (part-time)
Teaching Experience 2016/01− International Finance at the postgraduate level at Stellenbosch University 2016/07− Macroeconomics at the undergraduate level at Stellenbosch University 2018/02−2018/06 International Finance at the postgraduate level, University of Western Cape 2018/04−2018/06 Macroeconomics at the postgraduate level, University of Cape Town 2015/01−2015/06 Dynamic Economic Theory at the masters level at Stellenbosch University 2015/01−2015/06 Mathematical Economics at the honours level at Stellenbosch University Research focus area My research centers on the link between financial factors and economic fluctuations, and their related monetary and macroprudential policy prescriptions in both developed and emerging economies. My pri- mary tool of analysis covers closed and open-economy macro-modelling using a Dynamic Stochastic General Equilibrium (DSGE) approach. My research interests include: (1) modelling financial frictions in theoretical models; (2) understanding and managing international financial spillovers to small open economies; and (3) the mitigation of financial instability through a range of monetary and macroprudential policies. I es- timate and use DSGE models to explore a range of monetary, fiscal and banking regulation policy issues. Furthermore, my research interests are strongly geared toward graduate skills development and public policy.
Publications in Peer-Reviewed Journals 1. “The Impact of Oil Shocks in a Small Open Economy New-Keynesian Dynamic Stochastic General Equilibrium Model for an Oil-Importing Country: The Case of South Africa” (with Rangan Gupta and Mark Wohar), Emerging Markets, Finance & Trade, (2018), DOI 2. “Forecasting output growth using a DSGE-based decomposition of the South African yield curve” (with Rangan Gupta and Rudi Steinbach), Empirical Economics, (2018), DOI
3. “Macroprudential policy with convertible debt”, Journal of Macroeconomics, Vol. 54, Part B, pp. 285- 305, (2017), DOI 4. “Credit spread variability in the U.S. business cycle: the Great Moderation versus the Great Recession” (with Guangling Liu), Journal of Banking and Finance, Vol. 67, pp. 37-52, (2016), DOI
5. “The equity price channel in a New-Keynesian DSGE model with financial frictions and banking” (with Guangling Liu), Economic Modelling, Vol. 52, pp. 375-389, (2016), DOI
Working Papers (*=under peer-review, **=revise & resubmit) 1. “Monetary Regimes, Money Supply and the US Business Cycle since 1959: Implications for Monetary Policy Today” (with Lars Christensen), Mercatus Working Paper Series, (2018)*
2. “A Structural Decomposition of the South African Business Cycle” (with Dawie van Lill), mimeo, (2019)* 3. “A Review of the South African Reserve Bank’s Financial Stability Policies” (with Dawie van Lill), mimeo, (2019)
4. “Why did South Africa not experience a banking crisis in 2008? A DSGE analysis” (with Roy Have- mann), mimeo, (work-in-progress)
Other Research and Policy Outputs 1. “2017 Budget Speech: fiscal scope and fiscal risks”, presentation at FNB Securities, Portside, Cape Town, (February, 2017)
2. “Debt must be invested, not consumed” (with Co-Pierre Georg and Michael E. Rose), ERSA Research Brief 36, (August, 2015) 3. “Four Lessons from the Greek sovereign debt crisis”(with Co-Pierre Georg and Michael E. Rose), ERSA Research Brief 34, (July, 2015) Conference and workshop presentations (*=scheduled) 2019/09 51st Annual Money, Macro and Finance (MMF) conference in London, organised by London School of Economics and Political Science (LSE), London, England.* 2019/09 Biennial Conference of the Economic Society of South Africa (ESSA), Johannesburg, South Africa.*
2019/08 The Society for Economic Measurement’s (SEM) Sixth Conference, hosted by Goethe University, Frankfurt, Germany.* 2018/09 UP/SARB/ERSA 6th Annual Monetary Economics Workshop on “Macroeconomic and Financial Modeling for Monetary Policy,” University of Pretoria, South Africa.
2018/09 Annual Banking Law Update (ABLU) conference, organised by the Centre for Banking Law of the University of Johannesburg, South Africa. 2018/09 50th Annual Money, Macro and Finance (MMF) conference in Edinburgh, organised by Heriot-Watt University, Edinburgh, Scotland.
2017/09 49th Annual Money, Macro and Finance (MMF) conference in London, hosted by King’s Business School, King’s College London. 2017/08 Biennial Conference of the Economic Society of South Africa, Rhodes University, Gra- hamstown, South Africa. 2017/06 Lecture series on “Macroeconomic Policy in South Africa” at the Post-Graduate & In- ternational Office (PGIO) Summer School on Doing Business in Africa. Stellenbosch University, South Africa. 2015/11 Third ERSA Economic Theory Workshop, Cape Town, South Africa. 2015/08 UP/SARB/ERSA 5th Annual Monetary Economics and Macroeconomic Modelling Work- shop on “Economic Policy Challenges Ahead,” South African Reserve Bank, Pretoria. 2013/09 Biennial Conference of the Economic Society of South Africa, University of Free State, Bloemfontein, South Africa. 2013/05 Financial Globalisation and Sustainable Finance: Implications for Policy and Practice. Conference & Special Edition of the Journal of Banking and Finance, USB, Cape Town.
2012/04 Annual Postgraduate Student Conference, Stellenbosch University, Stellenbosch. 2012/03 UP/SARB/ERSA 2nd Annual Monetary Economics and Macroeconomic Modelling Work- shop, SARB Conference Centre, Pretoria.
Postgraduate student & staff development (*=current graduate) PhD Supervisor for:
1. The Trade and Financial Channels of External Adjustment: Implications for Central Banking, Njiri, B., PhD* Masters Supervisor for: 1. “Forward Guidance Indicator For Inflation Targeting Central Banks: Implementing A Text Analysis Algorithm”, Erasmus, R., MComm, (March 2019)* 2. “Financial Spillovers to Emerging Markets: Differentiation and Contagion by Foreign Participation” , Bekker, C., MComm, (December 2017), thesis passed cum laude 3. “Spillover Effects on Emerging Market Economies: Federal Reserve Bank and European Central Bank”, Steenkamp, S.C., MComm, (March 2017) Honours Supervisor for: 1. “The Effects of Unskilled Labour Migration on High-Income Countries: How Restricted Should Labour Mobility be?”, Millar, J., BComm(Hons), (March 2019)* 2. “International financial flows during financial crises”, Pienaar, W., BComm(Hons), (March 2019)* 3. “Gross capital flows, external adjustment and capital account policies for EMEs, with specific reference to South Africa”, Pretorious, C., BComm(Hons), (December 2018)
4. “The linkage of trade and FDI between China and South Africa”, Liu, X., BComm(Hons), (March 2018) 5. “The Expectations Effect of Reduced Federal Reserve Security Purchases”, Malan, A., BComm(Hons), (March 2018) 6. “The Viability of Cryptocurrency as a Fiat Currency Replacement”, Welz, J., BComm(Hons), (Decem- ber 2017), thesis passed cum laude 7. “International Spillovers to Emerging Market Economies: How vulnerable is South Africa?”, Bing, C.M., BComm(Honours), (March 2017) 8. “Stock-Index Performance: the Role of Media Sentiment”, Erasmus, R.L., BComm(Hons), (March 2017), thesis passed cum laude
9. “South Africa’s Experience with Recent Financial Crises”, Esterhuysen, J.L.T., BComm(Hons), (March 2017) Co-supervisor for:
Becker, L., BComm(Hons), Dec. 2015; Buchanan, C.A., BComm(Hons), Mar. 2014; Erwin, D., BComm(Hons), Mar. 2015 Programmes & Initiatives Annual FNB Securities International Finance Trading Game (founder), Die Burger Young Economist Competition (coordinator), Old Mutual Budget Speech Competition (SU coordinator), OPTIMUS programme: a Stellenbosch University programme whose goal is to enrich top students’ careers and enhance their opportunities for growth (academic advocate)
Activities and Membership (*=scheduled) Referee for: Journal of Macroeconomics, Economic Modelling, South African Journal of Economics, Journal for Studies in Economics and Econometrics, The Social Science Journal
Also referee for: Economic and Social Research Council (UK), ERSA Working Paper Series, Stellenbosch Working Paper Series
Membership: Economic Society of South Africa, The Society for Economic Measurement, Money Macro and Finance Research Group Conference and Workshop Organization: 1. Invited Session on “Monetary Policies after the Great Recession” at The Society for Economic Measurement’s (SEM) Sixth Conference, hosted by Goethe University (Frankfurt, 2019)* 2. International Seminar on “ Financial Consumer Protection in a Complex World” (Cape Town, 2015) hosted by FSB/UCT/FinCoNet
Awards and bursaries 2017 Early Research Career Award (Categories 2 & 3); Knowledge, Interchange and Collabo- ration Grant 2016 Early Research Career Award; Knowledge, Interchange & Collaboration Grant; DRD Grant
2015 AIFMRM/UCT Post-Doctoral Research Fellowship 2013, 2014 NRF Innovation Doctoral Scholarship 2012, 2013, 2014 Post-Graduate Merit Bursary
2012 Dirkie-Uys Private Bursary 2007 Merit Bursary
Personal skills and competencies
Mother tongue English Other language(s) Afrikaans Technical Proficient in problem solving techniques using theoretical, mathematical and modeling methodology in a macro- or microeconomic context Competent research ability Computer Proficient with mathematical and econometric programmes: MATLAB, Dynare, EViews Proficient with LATEX and MS Office programmes Competent computer skills
References These persons are familiar with my professional qualifications and my character:
Prof. G. Liu (PhD supervisor) Department of Economics Phone: +27 (0)21 808 2238 Stellenbosch University Email: [email protected] South Africa
Prof. C-P. Georg AIFMRM Phone: +27 (0)21 650 1244 University of Cape Town Email: [email protected] South Africa
Prof. G.A. Schoombee Chair Phone: +27 (0)21 808 2236 Department of Economics Email: [email protected] Stellenbosch University South Africa
Prof. S.A. du Plessis Chief Operating Officer Phone: +27 (0)21 808 9728 Designate Email: [email protected] Stellenbosch University South Africa
Stellenbosch, January 16, 2019